1-1 By: Ratliff S.B. No. 1923 1-2 (In the Senate - Filed April 2, 1997; April 8, 1997, read 1-3 first time and referred to Committee on Finance; April 18, 1997, 1-4 reported favorably by the following vote: Yeas 10, Nays 0; 1-5 April 18, 1997, sent to printer.) 1-6 A BILL TO BE ENTITLED 1-7 AN ACT 1-8 relating to use of state funds for certain investments. 1-9 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-10 SECTION 1. Section 404.024, Government Code, is amended by 1-11 adding Subsection (j) to read as follows: 1-12 (j) The comptroller may not use state funds to invest in or 1-13 purchase securities, including obligations, of a private 1-14 corporation or other private business entity that, directly or 1-15 indirectly through ownership of 10 percent or more of another 1-16 corporation or business entity, writes, records, produces, 1-17 advertises, markets, sells, or otherwise promotes any song, lyrics, 1-18 or other musical work that explicitly describes, glamorizes, or 1-19 advocates: 1-20 (1) acts of criminal violence, including murder, 1-21 assault, assault on peace officers, sexual assault, and robbery; 1-22 (2) necrophilia, bestiality, or pedophilia; 1-23 (3) illegal use of controlled substances; 1-24 (4) criminal street gang activity; 1-25 (5) degradation or denigration of females; or 1-26 (6) violence against a particular sex, race, or ethnic 1-27 group. 1-28 SECTION 2. Subchapter B, Chapter 2256, Government Code, is 1-29 amended by adding Section 2256.060 to read as follows: 1-30 Sec. 2256.060. UNAUTHORIZED INVESTMENT. The state or an 1-31 entity of state government, including a department, commission, 1-32 board, office, or institution of higher education as defined by 1-33 Section 61.003, Education Code, may not use state funds to invest 1-34 in or purchase securities, including obligations, of a private 1-35 corporation or other private business entity that, directly or 1-36 indirectly through ownership of 10 percent or more of another 1-37 corporation or business entity, writes, records, produces, 1-38 advertises, markets, sells, or otherwise promotes any song, lyrics, 1-39 or other musical work that explicitly describes, glamorizes, or 1-40 advocates: 1-41 (1) acts of criminal violence, including murder, 1-42 assault, assault on peace officers, sexual assault, and robbery; 1-43 (2) necrophilia, bestiality, or pedophilia; 1-44 (3) illegal use of controlled substances; 1-45 (4) criminal street gang activity; 1-46 (5) degradation or denigration of females; or 1-47 (6) violence against a particular sex, race, or ethnic 1-48 group. 1-49 SECTION 3. Section 845.301, Government Code, is amended by 1-50 adding Subsection (f) to read as follows: 1-51 (f) The board of trustees may not use state funds to invest 1-52 in or purchase securities, including obligations, of a private 1-53 corporation or other private business entity that, directly or 1-54 indirectly through ownership of 10 percent or more of another 1-55 corporation or business entity, writes, records, produces, 1-56 advertises, markets, sells, or otherwise promotes any song, lyrics, 1-57 or other musical work that explicitly describes, glamorizes, or 1-58 advocates: 1-59 (1) acts of criminal violence, including murder, 1-60 assault, assault on peace officers, sexual assault, and robbery; 1-61 (2) necrophilia, bestiality, or pedophilia; 1-62 (3) illegal use of controlled substances; 1-63 (4) criminal street gang activity; 1-64 (5) degradation or denigration of females; or 2-1 (6) violence against a particular sex, race, or ethnic 2-2 group. 2-3 SECTION 4. Section 855.302, Government Code, is amended by 2-4 adding Subsection (c) to read as follows: 2-5 (c) The board may not use state funds to invest in or 2-6 purchase securities, including obligations, of a private 2-7 corporation or other private business entity that, directly or 2-8 indirectly through ownership of 10 percent or more of another 2-9 corporation or business entity, writes, records, produces, 2-10 advertises, markets, sells, or otherwise promotes any song, lyrics, 2-11 or other musical work that explicitly describes, glamorizes, or 2-12 advocates: 2-13 (1) acts of criminal violence, including murder, 2-14 assault, assault on peace officers, sexual assault, and robbery; 2-15 (2) necrophilia, bestiality, or pedophilia; 2-16 (3) illegal use of controlled substances; 2-17 (4) criminal street gang activity; 2-18 (5) degradation or denigration of females; or 2-19 (6) violence against a particular sex, race, or ethnic 2-20 group. 2-21 SECTION 5. A governmental entity or retirement system that 2-22 owns an investment prohibited by this Act shall divest the 2-23 investment as soon as is reasonable and practical considering 2-24 protection of capital, but not later than January 1, 1999. 2-25 SECTION 6. The importance of this legislation and the 2-26 crowded condition of the calendars in both houses create an 2-27 emergency and an imperative public necessity that the 2-28 constitutional rule requiring bills to be read on three several 2-29 days in each house be suspended, and this rule is hereby suspended. 2-30 * * * * *